Insider Economy Strong demand for collapsed Co-op bank property

Strong demand for collapsed Co-op bank property

A list of collapsed Cyprus Co-operative Bank properties seized by the state that will be transferred to local authorities will be presented to Cabinet in May, according to informed sources. Along with the criteria municipalities and communities should meet before they can be granted such properties.

Specifically, the Technical Committee which is made up of the Permanent Secretaries of the Ministries of Finance, Interior and Transport, is expected to soon hand Finance Minister Harris Georgiades their decision in regard to Co-op property demands made by municipalities and communities. So far, the number stands at 200.

The Committee has taken into account the value of the property, sale prospects or commercial use, intended purpose of use, whether there are other alternatives and the importance to a local community.

The number of Co-op bank properties is 2,815 with a total value of €600 million. These have been transferred to the Cooperative Asset Management Company (SEDIPES), which is the transformation of the Co-op bank to a state-owned one, and its subsidiary which is the Cyprus Asset Management Company (KEDIPES).

Phileleftheros has information that Cabinet will determine the exact number of real estate to be granted to municipalities and communities next month. In addition to the list of properties to be granted to local authorities, there are those for which the State is also interested to make use of.

Thus, excluded are:

*Property for which the State is interested to house ministries and other government organisations. The State is interested in big real estate buildings that exceed 1000 to 2000 sq. metres and which they also have big parking lots

  • Property collected by the Co-op bank against debt repayment
  • The 113 properties, mainly commercial stores and shops, totalling €150 million, which Hellenic Bank has an option to acquire by September 3.

The granting of real estate to local authorities will come at a fee.


Read more:

Top Stories

UK to set out new tougher COVID border measures, PM Johnson says

British Prime Minister said the government would set out new tougher border measures later on Wednesday (January 27) , adding there were no easy...

Μeasures at airports and for flights in place until March 1st

The Μinistry of Transport announced that the Cabinet on Wednesday decided to extend the measures at airports and for flights taken to prevent the...

EU warns AstraZeneca over delay in delivering Covid-19 vaccine: “not acceptable”

Stella Kyriakides, the European Commissioner for Health and Food Safety, stated on Monday that AstraZeneca's new schedule in which the company's supply of COVID-19 vaccine would fall...

Auditor General finds mistakes and omissions in Youth Board of Cyprus

The Audit Office found mistakes and omissions regarding the operation of the Youth Board of Cyprus, particularly regarding the payment of sponsorships to the...

Second investigation in the case of cataract patients

The Health Ministry will proceed with a second investigation of the case of the eight patients who were operated for cataract at a private...


Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...


No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...